18 Basic E-commerce KPIs to Track in 2024
- July 31, 2024
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Melek Aydemir
E-commerce, purchasing products and services through digital platforms the process of buying and selling. Today, e-As trade is becoming increasingly important , evaluating performance in this area it also becomes critical to track the right metrics. In this article , we will discuss e-We will provide information about 18 basic KPI’s (Key Performance Indicators) that should be track ed to measure business performance.
18 Basic E-commerce KPIs to Track in 2024
E-commerce is a business model for buying and selling products or services over the internet. This model offers businesses the opportunity to reach a wide customer base and increase their sales. The success of e-commerce is directly related to monitoring the right KPIs (Key Performance Indicators). The 18 basic e-commerce KPIs used to measure e-commerce success that should be followed in 2024 are as follows;
1. Conversion Rate : This KPI measures how many of your website visitors actually make a purchase, is a key indicator in determining the effectiveness of your e-commerce site.
2. Average Order Value (AOV): The average amount of purchases made by a customer. A high AOV usually indicates effective cross-selling and up-selling strategies.
3. Cart Abandonment Rate: The rate at which customers fill the shopping cart and leave the site without paying. This KPI is an important metric to consider to improve user experience.
4. Customer Acquisition Cost (CAC): Measures the total cost to acquire a new customer. Lower CAC is the result of more efficient marketing and sales strategies.
6. Net Promoter Score (NPS): NPS measures the likelihood of customers recommending your business to others. High NPS is an indicator of customer satisfaction and loyalty.
7. Bounce Rate: Bounce rate, visitors can take any action after entering the site shows the percentage of people leaving the site without doing so. A low bounce rate is a sign of engaging content and user-friendly design.
8.Website Traffic: Measures the number of users visiting your website. Increased traffic shows the success and marketing effectiveness of your e-commerce strategy.
9. Customer Satisfaction Score (CSAT): A KPI that measures the overall satisfaction of customers. A high CSAT is indicative of a good customer experience.
10. Email Open Rate: It is used to measure how many of the emails sent are opened. A high open rate is an indicator of effective email marketing.
11. Customer Lifetime Value (CLV): CLV measures the total revenue a customer generates for your business. It is used to determine the importance of customer loyalty and repeat purchases.
12. Page Views: The number ofpage views indicates how many pages visitors browse on your site. High page views emphasize the importance of providing engaging and relevant content.
13. Percentage of Mobile Traffic: Mobile traffic percentage refers to the percentage of visitors coming to your site from mobile devices. Mobile compatibility is critical for a successful e-commerce site today.
14. Sales Revenues: Sales revenue refers to the total revenue generated in a given period. Revenue growth is a result of successful sales strategies and marketing campaigns.
15. Repurchase Rate: Repurchase rate shows the percentage of customers who make repeat purchases. A high repurchase rate indicates customer satisfaction and loyalty.
16. Refund Rate: The return rate shows the percentage of purchased products that are returned. A low return rate is a sign of customer satisfaction and product quality.
17. Average Response Time : Average response time, shows how quickly customer service responds to inquiries or problems. A short response time increases customer satisfaction.
18.Inventory Turnover Rate : Inventory turnover shows how fast inventories are sold and replenished. High inventory turnover is a sign of effective inventory management.
How to Measure Performance in E-commerce?
Measuring e-commerce performance is possible by identifying the right KPIs and tracking them regularly. By monitoring these KPIs , businesses can identify where they are strong and where they need improvement. Also performance measurement, guide strategic decision-making and helpsbusinesses gain competitive advantage.
The following steps can be followed for performance measurement:
- Goal Setting: Definingthe goals and objectives of the business.
- Usingthe Right Tools : Collection of data using Google Analytics, CRM systems and other e-commerce analysis tools.
- Regular Reporting: Regular analysis and reporting of performance data.
- Improvement Strategies: Development and implementation of improvement strategies in line with the data obtained.
In 2024, the key to e-commerce success is to monitor the right KPIs and measure performance regularly. The 18 key KPIs we listed above, offers powerful tools to evaluate your e-commerce performance and improve your strategies. By regularly monitoring these KPIs, you can ensure that your business is more successful in the digital market .
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